Comprehensive Report: Marketing's Evolving Role and Key Concepts

This report provides an overview of the increasing role of marketing in both domestic and global business environments. It examines the changing image of marketing, focusing on how data, technology, and customer choice have shifted power dynamics. The report also analyzes the social factors (community attitudes, social standards, hobbies, time resources) and economic factors (external environment impact, demand for online information, market and product choice) that influence marketing strategies. Furthermore, it outlines the core marketing concepts, including needs, demands, wants, marketing offers, satisfaction, value, transactions, exchanges, and relationships. The report concludes by emphasizing the importance of understanding these elements for effective marketing practices. Desklib offers a variety of resources for students, including similar solved assignments and past papers.

Running head: MARKETING
MARKETING
Name of the Student:
Name of the University:
Author Note:

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Executive Summary:
The report aims at focusing on the increasing role of marketing in a domestic and global business
environment. There is a discussion on the changing images of marketing along with a focus on
social and economic forces influencing marketing. There report also discusses about the core
marketing concepts.

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Table of Contents
Introduction:....................................................................................................................................3
Changing Image of Marketing:........................................................................................................3
Social and Economic Forces Affecting Marketing:.........................................................................3
Core Marketing Concepts:...............................................................................................................5
Conclusion:......................................................................................................................................5
References:......................................................................................................................................6

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Introduction:
The report gives an overview of the increasing role played by marketing in a global and
domestic business environment. The report therefore not only focuses on the changing image of
marketing but also focuses on the economic and social forces that influence marketing. The
report also gives an overview of the core concepts of marketing.
Changing Image of Marketing:
The convergence of data, technology along with the proliferation of choice has gradually
shifted the power balance in the hands of the customer thereby forcing the marketers in
sharpening their overall tactics (Sheth, Jagdish and Rajendra 2015). Marketers must work in a
manner so that they are not only able to empower the customers but also work harder for
winning the trust.
The emergence of the internet service is playing a major role in the global marketing
system in reaching out the consumer goods directly from producers to consumers. The system
helps in eliminating any existing intermediary between the consumers and the manufacturers.
The system also ensures providing maximum assistance to the consumers in receiving standard
goods at most competitive prices (Lee, Nancy and Philip 2015). The new marketing concept
implemented with the primary motive of changing the consumer’s habit in opting for products at
not only a cheaper price but also a competitive one. The absence of any intermediary directly
transfers the benefit to the consumers.
Social and Economic Forces Affecting Marketing:
The social factors affecting marketing are as follows (Czinkota, Michael and Ilkka 2013):

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Community Attitudes:
As marketing a product implies addressing a particular target market, therefore marketers
must narrow down on the community that has the means and desire of purchasing the product
and services.
Social Standards:
Social standards have close association with the buying standards therefore there exists
certain norms and values in any particular community. Hence, the marketers must make sure that
the potential customers identifies with the product.
Hobbies and Interest:
The marketers must pay closer attention to the trends of the marketplace. This will help
them to identify the consumers who buy products that serve as a value for entertainment.
Available and Time Resources:
The marketers must also implement the marketing strategy in manner so that the
consumers are able to balance the money and time since lack of money influence purchase of the
customers.
The economic factors affecting marketing are as follows:
Impact of the External Environment:
Marketers must also constantly monitor the external environment for determining its
impact on the demand of the products and services.

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Demand for Online Information:
The demand for online availability of information has not only lowered advertisers but
has also reduced revenue. Thus, marketers must keep a closer eye on the shift of information
consumption of the community and the increasing role of technology.
The Impact of the Market and the Product Choice:
Marketers must not only consider the market but also the nature of the product sold. This
is because a stronger economy can also have impact some types of business.
Core Marketing Concepts:
The core marketing concepts includes (Wood et al. 2012):
1. Needs, Demands and Wants
2. Offers related to Marketing
3. Satisfaction and Value
4. Transactions Exchange and Relationships
Conclusion:
The report ends by focusing on the core concepts of marketing. There is also discussion
on the social and economic forces that affects marketing. The report also puts forward the
changing image of marketing.

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References:
Czinkota, Michael R., and Ilkka A. Ronkainen. International marketing. Cengage Learning,
2013.
Lee, Nancy R., and Philip Kotler. Social marketing: Changing behaviors for good. Sage
Publications, 2015.
Sheth, Jagdish N., and Rajendra S. Sisodia. Does marketing need reform?: Fresh perspectives on
the future. Routledge, 2015.
Wood, Jack, Rachid Zeffane, Michelle Fromholtz, Retha Wiesner, Rachel Morrison, and Phi-
Shen Seet. Organisational behaviour: Core concepts and applications. John Wiley & Sons
Australia, Ltd., 2012.